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13 February 2020

Egypt, IMF in talks over structural reform programme

Egypt completed a three-year agreement with the International Monetary Fund in late 2019 that involved a $12 billion loan and sweeping economic reforms, including floating the currency and cutting subsidies

Egypt ranks in 114th place on the World Bank’s ease of doing business index/Bloomberg

by Bloomberg

The Governor of the Central Bank Egypt (CBE) said that the government is in talks with the International Monetary Fund over a non-financial structural reform programme that will help streamline the country’s investment environment.

Tarek Amer, the Governor of CBE, said, “Now that the fiscal and the monetary reform has been done, we’re talking about structural reforms.”

 “That step would mean trying to overcome the bureaucracy, which we do have and many other countries have, and which we want really to abolish over time,” said Amer.

Egypt ranks in 114th place on the World Bank’s ease of doing business index.

The governor said that the central bank opened all channels for the flow of capital so investors do  not barriers like before. The regulator has also given investors a stable foreign-exchange market that they can read and in which the risk premium is not too high like before.

Amer said that Egypt is still in discussions with the IMF, without specifying when any new agreement may be reached.

RELATED STORIES: Egypt IMF Central Bank Egypt





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